Quality of Life in Memphis, TN on a $73,050 Salary
Overview
Memphis, Tennessee, is often noted for its rich musical heritage, cultural attractions, and lower cost of living compared to the national average. Individuals earning $73,050 per year can experience a comfortable lifestyle relative to local expenses. This breakdown provides an insight into the cost of living, housing market, quality of life, healthcare accessibility, and educational quality in Memphis.
Cost of Living
- Lower than National Average: Memphis boasts a cost of living that is approximately 16% lower than the national average.
- Affordable Essentials: Expenses for groceries, transportation, and utilities are typically below national levels, making day-to-day life more affordable.
- Economic Balance: The income of $73,050 generally offers greater purchasing power compared to similarly sized cities in the U.S.
Housing Market
- Median Home Price: As of recent estimates, the median home price in Memphis is around $190,000.
- Affordable Housing Options: Compared to the national median, Memphis offers relatively affordable housing, allowing for potential savings or investment in other areas.
- Rental Market: Rent prices are also favorably lower, with median rents for a one-bedroom apartment significantly under the national average.
Quality of Life
- Thriving Cultural Scene: Residents have access to a vibrant array of cultural amenities including museums, theaters, and music venues.
- Recreational Activities: With parks and outdoor spaces, residents can enjoy a variety of leisure activities.
- Community and Diversity: Memphis is known for its strong community feel and diverse population.
Access to Healthcare
- Adequate Medical Facilities: Memphis is home to several reputable hospitals and healthcare facilities, including specialized centers.
- Cost of Healthcare: Healthcare costs are slightly below the national average, making medical services more accessible.
Quality of K-12 Schools
- Educational Opportunities: Schools in Memphis show varied performance, with a mix of highly rated and lower-rated public schools.
- Private and Charter Schools: The city also offers private and charter school options, providing alternatives to public education with differing educational focuses.
Summary
Earning an annual salary of $73,050 allows for a comfortable lifestyle in Memphis, characterized by a low cost of living and affordable housing options. Residents can enjoy the city's cultural richness, decent healthcare access, and diverse educational opportunities
